Should I Insure My Engagement Ring?

Learn why you should insure your engagement ring

Insuring Your Engagement Ring

You've picked the perfect ring, she said yes, you're done, right? Wrong! Don't forget about insuring the engagement ring you went to great lengths, not to mention great expense, to get.

Like anything else in life, things can go wrong. This can mean damage, loss or theft - all unpleasant realities that you'll want to be protected from should they happen.

Get an appraisal

Insurance companies require an appraisal (not just a receipt) of your engagement ring in order to assign replacement value. Get this from a certified gemologist who can officially document the value of your ring.

Check your current policies

Call your homeowners or rental insurance agent to see if your policy covers engagement rings. If you're not covered, ask if it's possible to add it to your policy. If your insurance company does not offer protection, you can use a jewelry insurance company that specializes in protecting precious jewelry. These specialty companies often provide more wide-ranging coverage.

Get the facts before signing off

You'll want to know what you're getting with your policy, so make sure you get answers concerning precisely what circumstances you're covered for. Do not simply assume you're covered for all damage or loss - get the details. Additionally, you'll also want to know if you'll receive partial or full value for your engagement ring if something should happen